Han-gins Tech Megatrend Equal Weight ETF Forecast

Han-gins Tech Megatrend Equal Weight ETF upgraded from Sell Candidate to Buy Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)

ITEP.L Signals & Forecast

The Han-gins Tech Megatrend Equal Weight ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at £1,028.73 and £996.02. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -1.00%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. The ETF had a Golden Star Signal on Thursday, May 02, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for Han-gins Tech Megatrend Equal Weight ETF

Han-gins Tech Megatrend Equal Weight finds support from accumulated volume at £994.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved £15.48 between high and low, or 1.52%. For the last week the ETF has had daily average volatility of 0.87%.

Our recommended stop-loss: £994.10 (-3.58%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 43 days ago.)

Trading Expectations (ITEP.L) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Han-gins Tech Megatrend Equal Weight Ucits Etf to open at £1,025.84, and during the day (based on 14 day Average True Range), to move between £1,017.19 and £1,044.81, which gives a possible trading interval of +/-£13.81 (+/-1.34%) up or down from last closing price. If Han-gins Tech Megatrend Equal Weight Ucits Etf takes out the full calculated possible swing range there will be an estimated 2.68% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at £1,036.30 (0.51%) than the support at £994.20 (3.57%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Han-gins Tech Megatrend Equal Weight Ucits Etf ETF A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Han-gins Tech Megatrend Equal Weight ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Buy candidate.

Current score: 1.549 Buy Candidate Upgraded

Predicted Opening Price for Han-gins Tech Megatrend Equal Weight Ucits Etf of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.